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20.05.202214:39 Forex Analysis & Reviews: Short-term Bitcoin analysis for May 20, 2022.

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Bitcoin is trading around $30,260 below the key short-term resistance at $31,000. Price has so far challenged resistance three times but bulls failed to push above it. The resistance inside the red rectangle area has been a confirmed resistance level. Breaking above this level would produce a bullish sign.

Red rectangle- resistance

Bitcoin continues to trade below the horizontal resistance at $31,000. Price tried to break above it earlier today but bulls once again were unable to break it. As long as price is below this resistance level, Bitcoin is vulnerable to a move lower towards $27,000 and lower. A break above this resistance would be a bullish signal and could push price at least towards $34,000.

Alexandros Yfantis
Analytical expert of InstaForex
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